Registration number:
WAAM3D Limited
for the Year Ended 31 March 2023
WAAM3D Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
WAAM3D Limited
(Registration number: 11435792)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Deferred tax liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
18 |
14 |
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Share premium reserve |
2,995,995 |
1,497,996 |
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Retained earnings |
(1,049,960) |
106,075 |
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Shareholders' funds |
1,946,053 |
1,604,085 |
WAAM3D Limited
(Registration number: 11435792)
Statement of Financial Position as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales. Company registration number 11435792.
The address of its registered office is:
The principal activity of the Company is to provide all the necessary tools and technical solutions needed for widespread adoption and exploitation of wire-based additive manufacturing through a coherent ecosystem that responds to every users needs for the implementation of wire-based additive manufacturing.
These financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of its primary economic enviroment.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Foreign currency transactions and balances
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'foreign exchanges gains/losses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item directly recognised in equity is also recognised directly in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at historical cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short-term leasehold property |
Over the period of the lease |
Plant and machinery |
3 years |
Computer equipment |
3 years |
Hardware development |
3 years |
Intangible assets
Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible fixed assets are considered to have a finite useful life. If a reliable estimate of the useful
life cannot be made, the useful life shall not exceed ten years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangibles |
3 years straight line |
Software development |
3 years straight line |
Development systems |
Nil |
There is no amortisation recognised within development systems as the projects are still under construction. The fixed asset is then amortised/depreciated once transferred to their relevant asset class upon completion of the project.
Investments
Investments in joint ventures are measured at cost less accumulated impairment
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense in the Statement of Comprehesive Income when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Amounts not paid are shown in accruals as liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Development systems |
Software development |
Intangibles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions acquired separately |
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- |
- |
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Transfers between classes |
( |
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- |
( |
At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
- |
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Amortisation charge |
- |
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At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Short term leasehold property |
Hardware development |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
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Transfers between classes |
- |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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The company transferred costs previously included within intangible assets to tangible plant and machinery, where these assets are now used within the business.
Where costs and depreciation have been transferred between asset classes, some amounts have been charged to the Statement of Comprehensive Income, where the Company deemed it appropriate.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Investments in joint ventures |
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Joint ventures |
£ |
Cost |
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At 1 April 2022 |
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Carrying amount |
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At 31 March 2022 and 31 March 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Joint ventures |
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51 Corporation Road, Singapore, 649806 |
Ordinary |
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Singapore |
Stocks |
2023 |
2022 |
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Raw materials |
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WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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The borrowings relate to an intercompnay loan with Accuron Technologies Limited. During the year, the company had a further draw-down of £397,999 under the convertible loan agreement dated 1 September 2021 and the outstanding amount of £1,497,999 was fully converted to equity as at 31 March 2023. During the year, the company entered into a second convertible loan agreement dated 22 September 2022 for £1,000,000 loan facility with Accuron Technologies Limited and £498,404 has been drawn down as at 31 March 2023.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
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8 |
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4 |
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Ordinary shares carry full voting rights to dividends.
Preference shares carry full voting rights and rights to dividends ahead of the issued ordinary shares.
Reserves |
Share premium
Share premium includes consideration received on allotment of share capital above par value.
Retained earnings
Retained earnings includes all current and prior period retained profits and losses, less dividends.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
2023 |
2022 |
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Land & buildings: |
- |
- |
Not later than 1 year |
154,384 |
99,084 |
Later than 1 year and not later than 5 years |
282,670 |
340,279 |
437,054 |
439,363 |
2023 |
2022 |
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Fixtures & fittings: |
- |
- |
Not later than 1 year |
1,264 |
1,399 |
Later than 1 year and not later than 5 years |
1,560 |
4,452 |
2,824 |
5,851 |
Related party transactions |
The Company has taken advantage of the exemption offered in FRS 102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent entity.
WAAM3D Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Immediate and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is
The Company's registered office is 51 Corporation Road, Singapore, 649806.
Non adjusting events after the financial period |
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